On West 123 street near Morningside avenue, a brownstone homeowner will soon have their home dwarfed on either side by a new condo. Their relationship has been amicable with the developer and at one point negotiations went on for about 1 year to see if they could be relocated. In the end, they decided not to sell but did sell their air rights to the developer and have an arrangement whereby the developer has to make repairs to their home due to any damage due to the construction which is taking place on both sides of them.
Somehow the developer would only offer them about $1.8 million for their home which is the same price they paid for the homes on either side. Probably their home could be worth as much as 2.5- 3.0 million in the fair market. Due to the properties lying outside of any historic district, the construction of the new condo is as of right and does not require any review or public approval.
According to numerous sources, including Alicia Glen, the deputy mayor for housing and economic development and seasoned developer TF Cornerstone, the luxury market has topped out. In some of the soaring supertalls mostly clustered around Midtown, prices can start as high as $15 mm. Chinese buyers, Russian plutocrats and other high net worth individuals have left the market without as much demand as in the recent years.
Smartly, some developers including Extell are now focusing on affordable luxury with apartments sometimes starting as low the 6 figures range. Certainly, land prices which have soared in recent years make it difficult to bring product to the market that does not sell for at least $4000 per square foot. However, several conversions will tap into the market in the next few months to year.
56 Leonard, the Herzog & de Meuron Jenga like tower with 145 condos, seems to be almost finished. The building features a 75′ lap pool, gym, screening room and playroom among it’s 75,000 sqft of amenities. Each apartment has 11′-14′ ceilings and outdoor space.
Prices ranged from just under $3 million for a 1027 sqft 1 bedroom to a 4bd/4.5 ba with nearly 8k of interior space in the penthouse for $47mm.
According to LINK, the portion of the Upper west side from 96th street to 116 street is booming. As a result, 7 residential developments are either already selling or in the pipeline. It’s no secret that as the upper west side has gotten more expensive, some residents have moved further north to the upper reaches of the UWS or into Harlem. The most interesting new development in my opinion is Circa Central Park which is a ground up construction on the site that used to have a gas station at the corner of 110th street aka Central Park North and and 8th avenue. With less than 40 units and pent up demand, sales will be brisk. The development wil average between $1500 and $3000 per square foot. The developer Artimus is the same developer as the highly successful One Morningside Park at 110th street and Morningside avenue.
400 west 42nd street aka 577 9th avenue has plans that were filed a few months back for a new 28 story building rising to a height of 341 feet with 45 units. About two years ago, the plan was to built a hotel and condo but the original architect was scrapped and new plans were filed.
It is not clear for the plans filed with DOB if this building will be a condo or a rental. The building is located at the corner of 9th avenue and 42nd street sandwiched between the Orion at 350 W 42nd street and the MIMA tower which is a rental in the middle of Midtown west/Clinton block.
Circa Central Park- the new development condo being constructed by Artimus Construction at 285 West 110th street is progressing along in the construction stage. Sales have not begun yet at the 48 unit building located at Frederick Douglass Circle. For market rate apartments, prices will start at about $1 million. 10 units will be sold below market via a lottery system in the building being designed by FXFowle Architects. It will reportedly have 3 penthouses, high end finishes and a 2 story lobby as well as a common rooftop deck. Prices for a few 2 bedroom/2bathrooms on low floors are reportedly around $1.8 million with carrying charge of around $1100 per month not including the taxes which will be abated.
The LPC approved a contextually conceived condo development that will help Collegiate Church to raise capital for their charitable functions both nearby and throughout the world. Two buildings-260 west 78th street and 378 West end avenue on Manhattan’s upper west side will be built as one development on Manhattan’s upper west side.
COOKFOX architects designed the project. Given the success of similar new buildings in the area we can imagine family sized apartments probably ranging from $2500 and up per square foot.
Circa Central Park, the building that is being constructed on Frederick Douglass Circle, is progressing nicely. Built by the same developer that brought to the market the successful One Morningside Park at 321 West 110th street, there will be a total of 78 units ranging from 1 to 5 bedrooms. Prices will start at $1.1 million and many of the homes will have panoramic views of Central Park.
Construction of 285 West 110th street aka Circa Central Park
321 West 110th street had 55 units and 2 bedroom/2bathrooms were sold for north and south of $2 million. Currently, there is one apartment available of just under 1400 sqft and it is asking $2.5 million. There are also two small studios for sale. One Morningside is just one avenue west of Circa Central Park and will directly influence the prices at the new building. Expect prices in the vicinty of $2000 per square foot.
Circa Central Park will have 1 to 5 bedrooms that start at $1.1 million
Circa Central Park will benefit from proximity to Central Park and Morningside Park, subway access and Harlem’s Restaurant Row.
Gary Barnett, of Extell, the developer that brought to the market One57 is shifting gears according to Bloomberg. Extell is building a condo on the Lower East side of Manhattan and is launching sales in Asia first and will begin sales here in the US early next year. the prices for One Manhattan Square’s condos will be an un super luxury like $1 million to $3 million. At One57, a recording breaking sale closed this year for just north of $100 million.
Extell is being by smart by bringing to market a project that addresses the underserved needs of the affordable luxury market. Thanks to the fact that the land for One Manhattan Square was purchased in 2012 ahead of the spike in land prices, these apartments are going to tap into a market that is in a major shortage. Do you think that Gary Barnett is ahead of the curve again by turning his company’s attention toward a different market segment?
The pyramid shaped building named Via at 625 West 57th street is the luxury rental building located on West 57th street near the West side highway and is designed by Bjarke Ingels. Construction is progressing as per the photos taken today. 709 units in total and of that 142 affordable apartments starting at $565 for a studio! It is expected that there will be over 100,000 applications for the affordable apartments. No information has been released yet for the market rate rentals.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
